Gold remains weak on sluggish demand, silver recovers

Mumbai, Aug 4:

prices continued to slide at the domestic bullion market here today due to reduced offtake from stockists and retail investors as well as poor jewellery buying.

In contrast, silver regained some lost ground from its overnight steep fall on speculative interest amid firm industrial support. Standard gold (99.5 purity) moved down by Rs 30 to finish at Rs 29,700 per 10 grams from Friday's closing level of Rs 29,730.

Pure gold (99.9 purity) also fell by Rs 40 to end at Rs 29,840 per 10 grams from Rs 29,880. Silver ready (.999 fineness), however, rose by Rs 310 per kg to conclude at Rs 53,605 as against Rs 53,295 yesterday.

Meanwhile, gold climbed back above the psychologically important USD 1600-an-ounce level in overseas trade, snapping a three-day losing streak following stronger-than-expected US jobs data amid a weaker dollar.

Gold for August delivery gained by USD 18.60 to settle at USD 1,609.30 an ounce on the Comex division of NYMEX late yesterday and September silver contract gained 81 cents to USD 27.80 an ounce.

PTI